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Paypal vs. Cashiers Check... Which is Better and Why

I was wondering all of your opinions on payment methods. I have never used paypal before but I have a buyer that wants to use it. Is it safer than a cashiers check? I was also told it will deposit the money directly into my bank account. Is this just a way to get hacked or is it a secure system?

"deposit right into your bank account" is not quite accurate. It will deposit right into your Paypal account. That account can be tied to either a bank account (savings or checking) or to a credit card. If you are tied to a bank account, you can move money into and out of your paypal account to your bank account, and visa-versa-but it takes 3-5 business days.

I had the same initial fears, so I went to the bank, opened up a savings account. I keep less than $50.00 in that account. When I buy on ebay or here, I deposit what I want to spend into the bank, transfer it to paypal account, then go shopping. When I sell and the buyer pays with paypal, I leave the money there until I know the customer is satisfied with the item, then I move the money out of paypal to my savings, then withdraw it.

Other than the 3% sellers fee, I don't have a problem with paypal. US postal money orders are secure, but I've seen some bogus MO's as well.

Re: Paypal vs. Cashiers Check... Which is Better and Why

Originally Posted by Hittingguru

"deposit right into your bank account" is not quite accurate. It will deposit right into your Paypal account. That account can be tied to either a bank account (savings or checking) or to a credit card. If you are tied to a bank account, you can move money into and out of your paypal account to your bank account, and visa-versa-but it takes 3-5 business days.

I had the same initial fears, so I went to the bank, opened up a savings account. I keep less than $50.00 in that account. When I buy on ebay or here, I deposit what I want to spend into the bank, transfer it to paypal account, then go shopping. When I sell and the buyer pays with paypal, I leave the money there until I know the customer is satisfied with the item, then I move the money out of paypal to my savings, then withdraw it.

Other than the 3% sellers fee, I don't have a problem with paypal. US postal money orders are secure, but I've seen some bogus MO's as well.

Security in on-line transactions is a relative term.

What I do. The bank account my PayPal account is linked to never has much money in it. I have been a member for years and never had a problem, but still would never link it with a main account.

paypal...... did you know the guy who came up with paypal is the guy behind Space X, the independent company that launches supply capsules to the Intl' Space Station....doing cost efficiently what our government is too incompitent to do.

Re: Paypal vs. Cashiers Check... Which is Better and Why

PayPal all the way!

I was a buyer from a seller that only wanted a check/money order even though I offered to pay the extra fee that PayPal charges. I got a postal money order, sent it... the post lost the package, but now it has to be 4 weeks before they can start an investigation, investigate for another 2 - 3 before they can cancel the money order... mean while, I'm out $800, the buyer (who was very understanding btw) is waiting with his item ready to ship and no money... a complete nightmare.

It's 7 weeks after initial payment was sent on Friday, when they'll finally cancel the m/o, and then I'll have to get another one and this time FedEx it, in hopes that this time it'll get there in asap.

Long story short, if you can do PayPal, do it. It's fast, secure and cheap compared to any other method to send money.

Email money transfer is faster and cheaper, but still fairly uncommon.

Good luck!

Sent from a smartphone. Ignore typos and carry on.

My biggest fear is that when I die my wife will sell my archery equipment for what I told her it costs.

Paypal is secure, tons of people use it these days and if a deal goes south you are protected. Had it happen to me on here I paid for a bow with paypal and the guy tried to rip me off. I filed a claim with them and they got my money back. If I had sent a MO I would have been out of luck.

I just can't bring myself to trust a system where PayPal is linked to my bank account. And PayPal wants to charge me 1 1/2% and take a week or two to send me a check for my own money in a PayPal account. No Thanks.

However I do like the idea of having a separate bank account with a small balance to link with PayPal. Now I'll have to find out how much my bank will charge me for such a small account. Bank fees continue to rise most everywhere. I've always used USPS MO for AT classified deals. And I know I've lost a few sales because I don't have PayPal. The problem continues.